A
treasurer is the person responsible for running the
treasury of an organization.
Government
In
A new way to pay the National Debt (1786),
James Gillray caricatured
Queen Charlotte and George III awash with treasury funds to cover royal debts, with
Pitt handing them another moneybag.
for 30 years
The
Treasury of a country is the department responsible for the country's
economy,
finance and
revenue. The
Treasurer is generally the head of the Treasury, although, in some countries (such as the
U.S. or the
UK) the treasurer reports to a
Secretary of the Treasury, or
Chancellor of the Exchequer. In
Australia, the
Treasurer is a senior
Minister and usually the second most important member of the
Government after the
Prime Minister.
From 1867 to 1993, the
Ministry of Finance (Ontario) was called the Treasurer of Ontario.
Originally the word referred to the person in charge of the
treasure of a
noble, however it has now moved into wider use. In the UK during the 17th Century, a position of
Lord High Treasurer was used on several occasions as the third great officer of
the Crown. Now the title
First Lord of the Treasury is the official title of the British
Prime Minister.
Corporate treasurers
In corporations, the Treasurer is the head of the corporate treasury department. They are typically responsible for
liquidity risk management,
cash management, issuing
debt,
foreign exchange and
interest rate risk hedging,
securitization, oversight of pension
investment management, and
capital structure (including
share issuance and
repurchase). They also typically advise the corporation on matters relating to
corporate finance. They could also have oversight of other areas, such as the purchase of
insurance.
There are various Treasurer associations. The
International Group of Treasury Associations (www.igta.org) is composed of about 30 treasurer's organizations in the world. In Europe, the
European Associations of Corporate Treasurers (www.eact-group.com) federates 17 national treasurers associations from 16 countries.
In the Inns of Court
In the
Inns of Court, the
bencher heading the Inn for that year holds the title 'Master Treasurer'. This title is similarly used by other legal associations sharing a British heritage, such as the
Law Society of Upper Canada.
In other organizations
Many other organizations, particularly
not-for-profit organizations such as
charities,
unions, and
churches, appoint treasurers, who are responsible for conservation of the treasury and for generating income for the group, whether this be through pricing of a product, organizing
sponsorship, or arranging fundraising events.
The treasurer would also be part of the group which would oversee how the money is spent, either directly dictating expenditure or authorising it as required. It is their responsibility to ensure that the organization has enough money to carry out their stated aims and objectives, and that they do not overspend, or under spend. They also report to the board meetings the financial status of the organization to ensure checks and balances. Accurate records and supporting documentation must be kept to a reasonable level of detail that provides a clear audit trail for all transactions.
See also
